A mortgage lender’s job is to provide the consumer with money to purchase a home. There are different types of lenders, and understanding the difference can make it easier to understand what to expect when working with them. Some mortgage lenders work directly for a lending institution. In cases such as these, the lender basically lays out all of the options that their institution provides, determines which ones you qualify for, and helps close out the loan. Other mortgage lenders work as brokers. These lenders work for a variety of lenders, and will choose from a variety of loan packages to choose the one that works best for your situation. While it may seem like a mortgage broker will guarantee you the best interest rate or the lowest closing cost, it is not that simple. Mortgage lenders that are employed through one institution have their salary paid by that institution. Mortgage brokers receive commission from the closing of a loan, or a fee from acquiring the loan. This means that their fee is built into your loan package somewhere. This does not mean that a mortgage broker is a poor choice; just that it is not always the best one. It is important, if you decide to use a mortgage broker, that you know exactly how they will receive their fee.

Where Does Customer Service Fit In?

The process of applying for a loan is relatively straightforward, regardless of what lender you choose. The lender will expect to see copies of your financial records, and will expect to have recent appraisals and title searches on the property before the loan closes. What often makes the difference in how easy or how difficult it is to find a loan is the customer service aspect of mortgage lending.

A successful mortgage lender will realize the importance of treating each client as an individual. Some home buyers are first time buyers or veterans, and may qualify for specific loan programs with lower interest rates or no closing costs. Other borrowers may have credit difficulties which make it hard to qualify for a traditional mortgage. The competent mortgage lender understands these issues and is familiar with the suite of products that they offer to provide these special cases with options that enable them to buy a home.

Mortgage lenders should also realize that the most straightforward case often causes stress for the home buyer. While lenders go through the process on a routine basis, it is the rare home owner that purchases so many homes over a lifetime that it becomes a routine matter. The challenge, then, for the lender, is to not become so jaded in the process that they ignore the common new buyer concerns that they have heard a million times before, but, to the buyer, are new concerns.

If, early in the mortgage process, you have trouble communicating with the lender, it makes sense to go with another lender. A professional mortgage lender should be available to answer your questions during business hours, and, if unavailable, should return your calls or emails promptly, within one business day. If you cannot establish this type of relationship with your lender, it may not be a good match.

Making Their Job Easier

With all of the talk about what to expect from a mortgage lender, it is easy to forget what the mortgage lender should expect from you. When you apply for a loan, you should be prepared for your financial history to be laid bare. This is an intimidating process for many people, but avoidance does not make it any easier. Mortgage lenders are accustomed to seeing all types of financial situations, and will work hard to find a loan to fit your needs, but they need your help.

At the first meeting with your lender, you should come prepared with tax records from the last five years, recent, such as the past six months, bank statements, and copies of any paperwork for any investments that you may have. You should also know how much you owe on any credit cards or other monthly debt, such as car payments. Without this information, the lender will not be able to determine your debt to income ratio, which is necessary to determine how much of a monthly payment, and therefore, how much of a mortgage, you can afford. If you show up for the initial meeting without this information available, you are wasting your time, as well as the time of the mortgage lender.

Another way that you can make the job of the mortgage lender easier is to have some idea of exactly how much you are willing to pay each month. It is often the case that you qualify for a larger mortgage than you are comfortable servicing. Look carefully over your budget, prior to the meeting with your mortgage lender, and determine approximately how much money you can afford each month.

By taking the time to prepare yourself for the meeting with a mortgage lender, and knowing what to expect from the lender, you can be assured of receiving the best advice, and the best rates, on your mortgage.

Question by Pat: Can a mortgage lender pursue an owner that is not on mortgage for a deficiency balance?
I purchased a residential investment property in Florida with my former boss. The mortgage is in his name only but I am also on the deed. He wants to let it go to foreclosure. Can the lender come after me for the deficiency balance. Will the foreclosure show on my credit?

Best answer:

Answer by Replace
Yes to both.

Know better? Leave your own answer in the comments!

At best, your mortgage lender can make your home buying experience as smooth as silk. A sloppy mortgage lender, on the other hand, can cost you the chance to buy the house of your dreams, or worse, leave you in the lurch without a house to call home. Just imagine the devastation that ensues when a lender fails to close an approved loan within a specified time window, and you lose the house you bid on. Unfortunately, these kinds of mishaps aren’t uncommon. If you thought that the only role for your lender was to hand you a check, there are some things you should know about what a mortgage lender can do for you.

Here’s a quick rundown of mortgage lender roles:

Your lender finds a good interest rate, and once that rate is found, locks it in for you so that you don’t lose it. You rely on your lender to close the loan in a timely fashion. Once you make a bid on the house, you generally have a window of time in which to finalize your loan and close on the deal. If your lender doesn’t close on your loan within that window, you could lose the house you want to buy. The lender imposes certain closing fees — administrative fees, charges for various services and the like. Because the lender imposes those fees, the lender can also choose to waive some of them and save you a great deal of money on your loan.

Of course, to take advantage of these savings, you need to know your lender, understand the mortgage process and be aware of your rights as a borrower. Here’s what you should know about getting a mortgage and your lender’s role.

Understand the Different Types of Mortgages

Mortgage lenders offer many different kinds of mortgage products — fixed rate mortgages, adjustable rate mortgages, jumbo mortgages and balloon mortgages. While the lender knows his products, you can’t make an informed decision without knowing the basic types of mortgages. Do some research so that you’ll have some idea what kind of mortgage will suit you best, and then seek out lenders that offer those types of mortgages.

Keep Track of Prevailing Interest Rates in Your Area

There are lots of ways to keep an eye on the prevailing interest rates — the newspaper, online banking sites, even mortgage quote sites that allow you to compare interest rates from many different lenders.

Get to Know the Different Types of Lenders

Not all lenders are created equal — but that doesn’t mean that one is inherently better than another. Mortgage brokers shop around and find you the best loans for your needs, but they may have their own interests in mind if, for example, a particular lender offers incentives for loans. Banks and credit unions can offer many services alongside the loan or aside from the loan. In some cases, taking out a mortgage through a bank with which you have an existing relationship may give you some advantages that you wouldn’t have with a household finance lender.

Understand the Typical Closing Costs and Fees for Loans

Interest rates are only one point of comparison when you’re shopping for a mortgage. Other fees include points, administrative fees, copying fees, fees for appraisals and more. Ask prospective lenders to detail typical costs, including charge per point, and which administrative fees you can expect to pay. Often, lenders are willing to waive some of those fees to attract your business.

How to Find a Lender for Your Mortgage

It used to be a given that most people would find their mortgage lender through a personal referral from a friend or business acquaintance. The internet has changed that in many ways, but there are still a lot of home buyers who prefer a personal recommendation. Other places to find reputable lenders include:

Agent referrals are one of the most common ways that buyers find lenders. If you haven’t gotten a pre-approval before seeing a real estate agent, you can expect the agent to recommend that you get one. The agent will often have a list of lenders with whom he or she has worked in the past. Online quote sites often allow you to submit a loan quote request to multiple lenders in your area at once. Your bank or credit union is an obvious place to check for a good mortgage deal. After all, you trust them enough to keep your money there.

A mortgage lender can make your home buying experience seamless and easy, or rugged and tedious. That’s why it’s so important to understand their roles and responsibilities. The time it takes to find a reputable and experienced mortgage lender is well worth your effort.

Question by Bryan N: Can a lender from a second mortgage put a lean on my current house?
I have two properthy. On one property I have two mortgage lender. If I were to forclose on my house, can the lender from a second mortgage put a lean on my current house?

Best answer:

Answer by Dawni Do Right
Yes, it is called a deficiency judgement.

Give your answer to this question below!

Florida FHA Mortgage Loan

Providing Florida mortgage solutions for those looking for an FHA loan in Florida!

FHA loans have returned to the Florida home loan arena as a smart mortgage option for Florida first time home buyers and moving up Florida homebuyers with less than perfect credit. FHA Loans are often a better option for Florida buyers if you have a fair to good credit rating and are looking for a low down payment mortgage options.

Florida home buyers should know the many advantages of the FHA home loan compared to other mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida mortgage applicant the FHA mortgage program can simplify the purchase of a home, making financing easier and less expensive than a conventional or subprime mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase 2 years after a Foreclosure.

Generally, FHA standards are less strict when it comes to mortgage insurance, and while you likely will not qualify for conventional financing, an FHA Loan is your key to home ownership. Other reasons why Florida mortgage applicants prefer FHA home loans include:

1. Its Easier to Qualify - Because the FHA insures private Florida mortgage lenders against loss they are more willing to give home loans with lower qualifying requirements so it’s for Florida homebuyers to easier qualify.

2. Its Okay if You Have Less-than-Perfect Credit – Even if you’re a Bad credit applicant and have had credit problems, such as a past Florida bankruptcy, it is easier for you to qualify for an FHA Loan than a conventional loan.

3. You Can Make a Low Down Payment - FHA Loans have a 3.5% down payment requirement, which is much lower than the amount typically required for conventional financing options.

4. Fortunately, FHA Loans Cost Less - FHA Loans have competitive interest rates because the loans are insured by the Federal Government. Because they are insured, FHA loans allow for lower interest rates and other advantages not offered by conventional loans.

5. Help Yourself Keep Your Home - The Federal Housing Administration, (FHA) has been around since 1934 and goes the extra effort to help you keep your home when others will leave you on your own. Should you encounter hard times after buying your home, the FHA has many options for Florida homeowners to help keep you in your home and avoid a Florida foreclosure.

Getting a mortgage is one of the biggest investments you will make. Find out how to find the right lender for you.
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Florida FHA 203k- Florida Rehabilitation Loans

The Federal Housing Administration (FHA), under Section 203k, will insure Florida FHA loans that include rehabilitation (rehab loans) and repair costs in the amount borrowed from an independent Florida mortgage lender. FHA does not lend money, but they insure private Florida mortgage loans based on their specific underwriting guidelines.

THE FHA 203K loan is intended for Florida neighborhood and community revitalization, as well as encouraging Florida home ownership.

Florida FHA 203k Rehab Loan Advantages

Another advantage to the Florid as FHA 203k mortgage loan program is that Florida buyers can focus on the location and floor plan instead of the condition of the Florida home. Using a Florida FHA 203k rehab loan, there is less competition for properties which allows for a more aggressive purchase price.

Using and acquiring Florida homes with rehab loans are favorable to bank owned and HUD foreclosed properties because the property is sold “as-is.” More specifically, Florida foreclosure property can be sold in it’s current condition which is appealing to foreclosed seller.

FHA 203k Loan Qualifications

Standard FHA guidelines are used when applying for rehab loans. FHA’s credit underwriting guidelines are flexible and are advantageous for investor’s or first time Florida home buyers looking to get a good deal on a property. Florida  Lenders are also qualifying buyers with 100% financing when used with down payment assistance.

On top of all this, FHA’s guidelines allow the Florida seller to pay all closing costs (up to 6%). Florida Banks are able to provide rehab loans with fixed rate or adjustable rate mortgages. In addition, Florida buyers can receive credit aid from non-occupant co-borrowers.

Eligible Florida Properties for FHA 203k Rehab Loans Single family residence (SFR) PUD’s Condo’s Owner Occupied Only (FHA 203k rehab loan) Purchase Refinance Florida FHA 203k Rehab Loan Process

After the seller accepts the buyers offer, the borrower chooses a licensed and bonded general contractor. The FHA approved consultant is then chosen by your http://www.fhamortgageprograms.com/florida/ consultant. The rehab loan borrower, general contractor and consultant meet at the property to discuss the repairs needed on the Florida home. The consultant then completes a work write-up of repairs to provide to the buyer, lender and Florida FHA appraiser.

 Allowable Improvements

Major structural repair (fire damage) Kitchen and bath remodel Room additions Landscaping Roofing Flooring Virtually anything except luxury items Florida FHA 203k Rehab Loan Appraisal Process

The FHA appraiser receives the rehab work-write up from the consultant. Then the Florida FHA appraiser completes the appraisal to determine “as completed” value. This is otherwise known as after repair value (ARV). FHA uses 110% of the “as completed” value to calculate the maximum mortgage amount of the rehab loan.

Florida FHA 203K Rehab Loan Terms

Most commonly, the FHA 203k rehab construction needs to be completed within 6 months after the close of escrow. The buyer’s loan payments can be included in the rehab mortgage for up to 6 months (determined by the scope of work and timeline in the write-up). Next, the FHA 203K consultant determines the completion of work and authorizes the final draw (payment) to the contractor. After the final payment, the FHA 203K rehab borrower can now move into their newly renovated home.

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Florida FHA Loan ::Florida FHA Mortgage Lender

FHA Mortgage Programs in Lakeland we provide

credit repair
Conventional Home loans
FHA Home Buyer Loans
refinancing
FHA home loans
reverse mortgages

www.FHAmortgagePrograms.com

Lakeland Florida FHA mortgage lender- Lakeland Florida is located approximately halfway between Tampa and Orlando right in the heart of central Florida. The principal city of Lakeland Florida is Polk County, it is located within the Lakeland-Winter Haven Florida Metropolitan Statistical Area. Because of it’s central location in the State, it is the perfect place to put down roots and obtain a Lakeland Florida FHA  home loan. Specializing in FHA home loans in Lakeland Florida , we are the number one source for all your Lakeland Florida FHA mortgage needs.

Lakeland Florida combines the small town community feeling with all the amenities and excitement of the larger cities that are so close. With plenty of Lakeland Florida housing available and FHA mortgage rates historically low, our licensed Lakeland Florida FHA mortgage brokerwill be able to explain the different FHA home loans programs available in the lending marketplace today. Our philosophy is to identify the best FHA  loan for each borrower’s individual circumstance and deliver exceptional service throughout the entire loan process.

It used to be that the FHA mortgage was not credit score driven. Today it is! With the banks tightening up on FHA lending guidelines and increasing credit scores requirements to qualify for a FHA mortgage in Lakeland Florida, we have a team of certified credit counselors in-house to help our clients experiencing unwarranted credit problems. Within a 75 day period, we help them re-establish good credit with all three of the credit bureaus.

Whether you are financing a new home or refinancing an existing loan, choosing the right Lakeland FL mortgage company is as important as choosing the right loan scenario that meets all your financial goals and expectations. We strive very hard to make sure that our clients have a complete understanding of the entire loan process from start to finish. With a staff of licensed brokers, our guarantee is your satisfaction.

Easily accessible to highways, rail and airports, it is projected that Lakeland’s economic growth and population should only keep increasing. With super fantastic weather year-around, great geographical location, and steady economic growth, makes obtaining a mortgage in Lakeland the smartest move for anybody. Whether you are looking for financing for a new home purchase or refinancing your existing home mortgage, we are the loan providers for every scenario. Being a mortgage lender in Lakeland, our reputation is built on delivering the highest quality of customer service. Today, more and more people are financing with an FHA Mortgage purchase. Only required to only put down 3.5% (financing 96.5%) of the purchase price, gift fund and seller concessions are allowed. On a cash-out refinance, the lending limit is 85% of the value of the property. Refinancing for a rate and term finance, then lending limit goes as high as 97.75%. Allowable debt to income ratio’s up to 55%, there are many pluses of considering an FHA mortgage.

Florida FHA Mortgage Programs

For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

 Minimal Down Payment and Closing costs.

Down payment less than 3.5% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase 2 years after a Foreclosure

http://www.fhamortgagefhaloan.com/

Florida FHA Fixed Rate Mortgages

 FHA fixed-rate mortgages, or Section 203(b), are the most common and popular type of Florida FHA mortgage. The interest rate does not change with a fixed-rate mortgage. A fixed-rate Florida FHA mortgage insures the Florida mortgage lender for the total amount of the Florida mortgage in case the buyer defaults. This type of Florida mortgage requires a smaller down payment than a conventional mortgage would require. The typical down payment for a fixed-rate mortgage is 3.5 percent of the total amount borrowed. A fixed-rate Florida mortgage can offer a lower interest payment if the mortgage is taken out during a period of low-interest rates. A fixed-rate mortgage can also offer stability; your monthly payments will be the same for the life of the mortgage. Fixed-rate mortgages can be taken out for a period of  15, or 30 years.

 Florida FHA Adjustable-rate loans

FHA adjustable-rate Florida mortgages, or Section 215, have interest rates that increase and decrease, depending on the current federal index. An adjustable-rate Florida mortgage, or ARM, is attractive because interest rates are initially lower than interest rates on a fixed-rate Florida mortgage. Several factors are used to calculate an ARM, all of which can affect the interest rate. Typically, an ARM is most appealing to Florida homebuyers who don’t intend to stay in the purchased house for more than a few years, as interest rates tend to increase over time. An ARM is convenient if current interest rates are high, as ARM rates are lower than fixed rates. It may be more appealing to use an ARM once interest rates have peaked, as the subsequent interest charged over the life of the mortgage will most likely reduce, rather than increase, monthly payments.

FHA Teacher Next Door

HUD also know as The Department of Housing and Urban Development,, directly offers Florida Teacher-Next-Door program to approved teachers in the United States to purchase housing that has been acquired by FHA/HUD at a 50 percent discount. Typically, these Florida homes are offered in areas of revitalization, or areas found in low- and moderate-income neighborhoods that may have increased crime rates and many vacant houses but have been identified as good candidates for redevelopment efforts. Through HUD and FHA, teachers are able to purchase Florida homes at a 50 percent discount and are required to make only a 0 down payment if the house is financed with a FHA home loan.

FHA loan  for the Officer Next Door

 This special program is identical to the Teacher Next Door program, but it is for approved law enforcement officers of the United States. To qualify for the program, law enforcement agents must live in the purchased property for a minimum of three years.

FHA 203KRenovation Mortgages

 The FHA 203K Renovation Mortgage allows Florida homeowners to borrow money to extensively renovate their Florida home. As much as 110% of the costs needed to repair and renovate the Florida home can be financed. There are restrictions as to what types of repairs or renovations can take place, and the minimum amount of the 203(k) is 00.

Special FHA Program: FHA Bridal Registry Program

Like a bridal registry for specialty and department stores, the FHA Bridal Registry program allows a couple to register with a Florida FHA  lender. Friends or family of the couple can make gift payments into an account that bears interest. The money gifts earn interest, and can be used as a down payment towards a FHA mortgage on a new Florida home.

Florida FHA Loans

What is an FHA loan?

FHA is the Federal Housing Administration and the FHA does not lend money. FHA loans are not loans at all. FHA is the same as mortgage insurance and was created to insure Florida mortgage lenders against loss so they can offer Florida mortgage applicants better financing options. An FHA mortgage loan might be for you if:

You Have fair or poor credit You Have a low down payment (but at least 3.5%) Have  had a past bankruptcy Have had a past Foreclosure

Essentially, the federal government insures FHA mortgage loans for Florida FHA-approved lenders so that lenders reduce their risk of loss if they lend to borrowers with bad credit histories. The FHA program has been in place since the great depression to help stimulate the housing market by making loans accessible and affordable.

What are the advantages of FHA loans?

For the Florida mortgage applicant the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs. Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs. Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

What do I need to qualify for an FHA loan?

Must make a minimum down payment of 3.5% on the house and it can be gifted by a family member (conventional financing does not allow gifting). Must have to have stable predictable income or worked for same employer for the last two years. Must have Social Security number, lawful residency in the U.S., and be of legal age to sign a mortgage in Florida . Must have a property appraisal from a Florida FHA-approved appraiser. Mortgage payment (including principal, interest, property taxes, property insurance) needs to be less than 35% of your gross monthly income. Monthly debt (mortgage, credit cards, auto, student loans, etc.) cannot be more than 43% of your gross monthly income. No minimum requirement for credit scores, but past credit performance will be scrutinized. FHA-qualified lenders will use a case-by-case basis to determine an applicants’ credit worthiness. Must be two years out of bankruptcy, with good credit. Must be three years out of foreclosure, with good credit.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

Question by April: What happens to the money I have paid my mortgage lender for taxes and insurance now that they are in a BK ?
Our mortgage lender has filed for bankruptcy. Our payments to the mortgage company include principle, interest, taxes and insurance (PITI). What happens to the money we have paid towards taxes and insurance ?? Since we have paid this money in advance with our payment, is the bankrupt mortgage lender required by law to pay them? If they don’t, due to bankruptcy protection, are we responsible to pay the money that has already been received by the mortgage lender?? In other words, lets say we have made payments totaling $ 10,000 over the last 10 months, $ 2500 of which is taxes and insurance. If the mortgage lender does not pay the $ 2500 to the insurance company and to the IRS, do we have to come up with the $ 2500 to pay what the mortgage lender did not ??
Our mortgage lender has filed for bankruptcy. Our payments to the mortgage company include principle, interest, taxes and insurance (PITI). What happens to the money we have paid towards taxes and insurance ?? Since we have paid this money in advance with our payment, is the bankrupt mortgage lender required by law to pay them? If they don’t, due to bankruptcy protection, are we responsible to pay the money that has already been received by the mortgage lender?? In other words, lets say we have made payments totaling $ 10,000 over the last 10 months, $ 2500 of which is taxes and insurance. If the mortgage lender does not pay the $ 2500 to the insurance company and for property taxes, do we have to come up with the $ 2500 to pay what the mortgage lender did not ??

Best answer:

Answer by bdancer222
Uhh why would any mortgage company be paying the IRS? Your escrow account would be for insurance and property taxes which are paid to the city/county/state where the property is located .

Your escrow account should transfer to whoever buys your mortgage. But I would double check that the insurance and taxes were paid on their due date just to make sure.

What do you think? Answer below!

FloridaFHA Mortgage Lender :: Florida FHA Loan :: Florida Home Loan ::

http://www.FHAmortgageProgram.com   is your one stop shop for everything FHA loan  related in Florida. As an Florida FHA mortgage lender specializing solely in FHA  home loan in the state of Florida we are well versed in every aspect of the FHA home loan in the State of Florida.  Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida FHA home loan applicant the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3.5% of Sales Price Gifts are allowed
Seller can credit up to 6% of sales price towards closing and prepaid costs.
100% Financing available
No reserves required.
FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements.
FHA will allow a home purchase 1 year after a Bankruptcy.
FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 begin_of_the_skype_highlighting              1-800-570-0448      end_of_the_skype_highlighting or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

www.FHAmortgageFHALoan.com

Since the Florida mortgage meltdown went bust there has been a massive increase in Florida FHA mortgage applicants. Florida FHA loans have become popular for many reasons. Some of the reasons that FHA financing has become the best source of financing for Florida homebuyers  purchasing or refinancing their primary residence includes:

High LTV Florida FHA Home Loan Purchases- Florida FHA mortgage lenders allow for 97.75% of the purchase price to be financed. Conventional Florida lenders requires a minimum of 10% of the purchase price to be put down from the Florida home buyer. A Florida FHA loan will save any buyer purchasing their primary residence from having to put the additional 6.25% of the purchase price that conventional financing would have required them to do. This higher loan to value allows the Florida FHA loan applicant to keep more of their hard earned money in their pockets instead of locked up in the equity of the Florida home. In today’s market where sales prices have been falling it makes perfect sense to keep as little out of pocket expenses locked in the equity of Florida home as possible. 

Now More Florida property types allowed for FHA Financing – Florida FHA home loans now allow Florida home buyers to financing not only your typical 1-4 unit single family or multifamily homes, but also mobiles homes, Florida manufactured home loans, condos and townhouses. Conventional Florida mortgage lenders will not do Florida mobile homes or manufactured homes and they put sever restrictions on financing condos or townhouses. This is another reason that the Florida FHA loans are  far superior to conventional financing in Florida. If you have a property type that others have turned you down over, we can show you how to use a Florida FHA home loan to meet your needs!

FHA mortgage insurance cost less – Florida FHA mortgage loans provide much lower mortgage insurance premiums than conventional financing does. Typically your  FHA mortgage insurance will cost a Florida FHA mortgage applicant  1/2 of the cost of conventional Florida mortgage insurance. This is even more monthly savings that a Florida FHA loan will be able to provide over your typical conventional loan. 

Higher FHA cash refinance limits allowed - Florida FHA cash out refinances will now allow for 85% of the appraised value of the Florida home  to be obtained when doing cash out on your Florida home. If you just want to lower your interest rate, Florida FHA refinances can go up to 96.5% of the value of your home to help you lock in a lower 30 year fixed Florida mortgage rate. Conventional loans only allow borrowers to cash out up to 80% of the value of their homes. The Florida FHA loan allows an additional 5% over what typical conventional lenders will allow. More cash in your pocket with a Florida FHA cash out refinance!

www.FHAmortgageFHALoan.com

Serving These Fine Florida Communities:

Arcadia :: Boca Raton :: Boynton Beach :: Bradenton :: Brandon :: Cape Coral :: Clearwater :: Clewiston
Crestview :: Daytona Beach :: Deerfield Beach :: Deland :: Delray Beach :: Deltona :: Destin :: Englewood
Fort Pierce :: Ft. Lauderdale :: Ft. Myers :: Ft. Walton Beach :: Gainesville :: Hollywood :: Homosassa Springs
Jacksonville :: Key West :: Kissimmee :: Lake City :: Lakeland :: Lynn Haven :: Marathon :: Marco Island
Melbourne :: Miami :: Miami Beach :: North Fort Myers :: North Miami Beach :: Naples :: Ocala :: Okeechobee
Orlando :: Ormond Beach :: Osprey :: Palatka :: Palm Bay :: Palm Beach :: Palm Coast :: Panama City :: Pensacola
Pompano Beach :: Port St. Lucie :: Punta Gorda :: Santa Rosa :: Sarasota :: Sebastian :: Sebring :: Springhill
St. Augustine :: St. Petersburg :: Tallahassee :: Tampa :: The Villages :: Titusville :: Venice :: Vero Beach
Wauchula :: Wesley Chapel :: West Palm Beach :: Winter Park

Serving These Fine Florida Counties:

Alachua :: Baker :: Bay :: Bradford :: Brevard :: Broward :: Calhoun :: Charlotte :: Citrus :: Clay :: Collier
Columbia :: Dade :: DeSoto :: Dixie :: Duval :: Escambia :: Flagler :: Franklin :: Gadsden :: Gilchrist :: Glades
Gulf :: Hamilton :: Hardee :: Hendry :: Hernando :: Highlands :: Hillsborough :: Holmes :: Indian River :: Jackson
Jefferson :: Lafayette :: Lake :: Lee :: Leon :: Levy :: Liberty :: Madison :: Manatee :: Marion :: Martin :: Miami-Dade
Monroe :: Nassau :: Okaloosa :: Okeechobee :: Orange :: Osceola :: Palm Beach :: Pasco :: Pinellas :: Polk
Putnam :: Saint Johns :: Saint Lucie :: Santa Rosa :: Sarasota :: Seminole :: Sumter :: Suwannee :: Taylor :: Union
Volusia :: Wakulla :: Walton :: Washington

FHA :: Mobile Homes ::

Question by danahn_nyc: Mortgage lender?
Who is the best mortgage lender?

Thanks

Best answer:

Answer by Doogie Howser
The one that gives you the lowest rate with the lowest closing costs. Otherwise, who cares, it makes no difference at all who services your loan.

Know better? Leave your own answer in the comments!